Health is one of the important assets in your life. If you don’t take care of your health, the things you want to achieve may be left behind. While you never know when you may run into health problems, getting back up for quality healthcare and care is very important. With inflation in healthcare it has become a challenge to avail quality care.
This is where the role of a health insurance policy comes into play.
You may feel well enough to pass up a health insurance policy. However, given the uncertainties of life, you should have financial reserves for medical contingencies in the form of health insurance.
Also, it helps to be careful when choosing a health insurance policy to ensure maximum protection.
Here are some mistakes you should avoid when buying a health plan:
1. Not Disclosing Your Medical History
Health insurance policies secure your financial needs during a medical crisis. For this, your insurance company must know your medical history and current medical status. If you conceal your medical history, you may not receive the necessary coverage in the event of a medical emergency.
Not disclosing your current medical status can also create obstacles during future claim settlements. Things that you may think are insignificant can become very important. For example, smoking may be a contributing factor to other medical conditions such as lung disease.
So, you must disclose your medical history to your insurance company at the time of purchasing the policy in order to obtain adequate coverage.
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2. Not Selecting Adequate Coverage
The most common mistake people make when purchasing a health insurance policy is limiting coverage amount. They choose to pay less in premiums, so they get limited coverage. Because a health plan protects you from medical expenses, it is very important to choose an adequate amount of coverage.
In addition, also consider the number of members that will be covered by the policy and current medical expenses when choosing the sum insured.
3. Ignoring Exceptions
Health plans have become comprehensive. Still, you won’t get any exclusive benefits by choosing the basic plan. Specific examples are excluded from the scope of basic policy coverage.
You may not know about these exclusions, but they can result in the rejection of your health insurance policy claim. Along with knowing the terms of your policy and its benefits, understand what it doesn’t cover.
4. Buying Insurance to Save on Taxes
A health insurance policy allows you to save on taxes under Section 80D of the Income Tax Act. However, buying insurance just to save on taxes is not a good idea. You should look for adequate coverage and choose the right type of policy.
The purpose of buying a health insurance policy should be to get coverage when there is a medical emergency. Tax rebates are a secondary benefit. So your decision to buy a health plan should not be based on that.
At the time of purchase a health insurance policy, You may be overlooking some important elements, which can lead to some common mistakes when selecting a medical health insurance plan. It is very important to consider the various aspects covered by the terms of the policy when buying it.
Leading insurance companies such as TATA AIG, offer comprehensive health insurance plans that provide:
- Cashless treatment
- Inpatient treatment
- World cover
- Child care procedures
- AYUSH benefits
- household care
Be sure to allocate plenty of your time for research and don’t rush into buying a health insurance policy.
